Murphy & McGonigle’s Trading and Markets Counseling practice represents exchanges and other market participants in seeking regulatory approval for complex proposals and in otherwise advising as to execution and clearing regulatory structures in the U.S. equities and options markets. Our practice is distinguished by the sophistication of the projects our clients entrust to us and the rare blend of legal, regulatory and market expertise our attorneys bring to those projects. In particular, we advise exchanges, markets, trading firms, private funds, clearing firms, clearing agencies and their related entities, guiding them through the transformational change that globalization, technology, competition and regulation have brought to the entire market structure. Our attorneys draw on a depth of knowledge and expertise that has been shaped not only by decades of advising clients as outside counsel on trading-related issues, but also by service as senior market regulators and policy makers at the Securities and Exchange Commission, and substantial time spent in and around the securities markets. In their former lives, our attorneys have played leadership roles at some of the most innovative trading-related firms of the last decade. Our partners include a former proprietary trader and equity analyst, the former general counsel of an institutional broker operating a leading Alternative Trading System (Instinet), and the former President of an exchange-affiliated institutional broker-dealer (Archipelago’s Wave Securities).
Our core areas of expertise include: complex equity or options market structure issues; short sale regulation; broker-dealer financial responsibility; securities credit regulation; securities lending; underwriting and securities analyst issues; issuer repurchases; transfer agents; Dodd-Frank Act provisions relating to securities-based swap dealers; broker-dealer liquidations; new trading programs and products and related requests for exemptions and no action relief; and the SRO rule filing process.
- Representing a leading options market maker in successfully petitioning the SEC to exercise its discretion to review action taken by the Division of Trading and Markets staff approving a controversial capital-raising plan proposed by the Options Clearing Corporation and opposed by industry participants.
- Representing a leading global derivatives market-place with respect to securities regulatory matters before the SEC Division of Trading and Markets.
- Advising on establishing a “robo adviser.”
- Assisting and advising a broker-dealer regarding Regulation SHO, ATS and NMS requirements.
- Represented FINRA and several national securities exchanges in drafting proposed SRO pilot plan to increase tick size.
- Advising a prime broker on the establishment of a registered investment company margin lending platform.
- Representing leading fixed income ATSs regarding TRACE reporting issues.
- Representing a fixed income pricing service in commenting on FINRA and MSRB rule proposals.
- Advising multiple market participants with clearing agency regulatory issues.
- Advising on Regulation SHO Rule 204 compliance.
- Advising a buy-side and sell-side market participants on Regulation SHO compliance matters.
- Advising broker-dealers and asset managers regarding Regulation M Rule 105 compliance.
- Assisting in the preparation of CEO of financial institution for testimony related to high frequency trading and equity market structure issues before the Senate Permanent Subcommittee on Investigations and the Senate Banking Committee.
- Advising an expert network firm regarding policies relating to the protection of confidential, material, non-public information.
- Advising client on matters relating to digital currency-denominated securities trading.